DOWNEY, CA—PIH Health has acquired the Brookshire Medical Building for $11.3 million from an affiliate of WRA Property Management. The 56,121-square-foot property has five stories and close proximity to four major freeways.

The building has a mix of long-term tenants with staggered lease rolls, making this a strong investment opportunity for the buyer. The building is 78% occupied. “The Brookshire Medical Building provides the new owner with stable income, value-add opportunities and excellent long-term appreciation potential,” adds David Black, the VP of investments at Marcus & Millichap's Long Beach office. Black represented PIH Health in the transaction, while Michael Lawrence, SVP of investments in Marcus & Millichap's Newport Beach office represented the seller. GlobeSt.com was not able to get a comment before the publication of this story.

Located at 11411 Brookshire Ave. in Downey, CA, the property sits on a two-acre, corner parcel of land. In addition to providing a stable income opportunities, the property has also received $2 million in renovations and improvements over the last decade. Those renovations include elevator modernization, parking lot slurry and HVAC compressors as well as minor exterior renovations.